How ownership structure affects the relation between corporate governance and firm performance : a study of family-run firms, public firms, and government-linked corporations in Singapore.

In this paper, we examine how the relationship between the corporate governance structure of an organization and its performance changes with the ownership structure within the firm. We find that public firms and government-linked corporations (GLCs) show evidence of better firm performance with higher levels of governance. Family-run firms, on the other hand, show a strong negative relationship between its governance structure and its performance. This is despite our results showing them demonstrating a greater likelihood of outperforming public firms and GLCs. These findings substantiate the fact that performance of a firm does depend on how well corporate governance is carried out in organizations although there are also other underlying factors that have to be taken into consideration.BUSINES